UAE banks' digital drive causes upheaval in jobs market | ZAWYA MENA Edition:
The digitisation drive among banks to use new technologies to replace routine roles with apps and artificial intelligence (AI)-enabled technology is already underway in the United Arab Emirates, with Standard Chartered and Mashreq Bank among the firms to lay off staff as a result, but its impact will take some time to be felt throughout the sector, experts have told Zawya.
Standard Chartered confirmed to Reuters that it was cutting jobs in its retail division as more customers migrate to digital services.
Meanwhile, Zawya understands that Mashreq Bank has also recently laid off a large number of sales and call centre staff. The bank declined to comment on the number of jobs lost, but it said these posts were being replaced with "an equivalent number of relationship managers, product management and digital banking" roles.
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